Madill, Marshall County, Oklahoma Property Taxes
The median property tax rate in Madill, OK is 0.63%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $97,851 in Madill, the typical annual property tax bill is around $577, well below the national median of $2,690. Property taxes in Madill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Madill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madill or another part of Marshall County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madill, Marshall County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$616
$572
Ownwell’s Madill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madill to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Madill, Marshall County, Oklahoma
Property taxes in Madill, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madill is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Madill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madill estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Madill's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 73446 zip code has the highest median property tax rate of 0.63%, while the lowest median tax rate also stands at 0.63%. Understanding how these areas compare with Madill provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madill Tax Rate
0.63%
Average Marshall County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madill, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | 0.36% | 0.48% | 0.63% | 0.82% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Madill, Marshall County, Oklahoma
In Madill, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Marshall County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Madill, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Madill is $97,851, with a 25th percentile tax bill of $317 and a 75th percentile tax bill of $1,073. The highest and lowest median tax bills in the area both stand at $577, specifically in the 73446 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Madill, Marshall County, Oklahoma
Source: Ownwell
$90,646
$101,598
$112,550
Average Madill Assessed Value
$97,851
Average Marshall County Assessed Value
$105,283
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madill, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | $32,044 | $59,293 | $97,851 | $162,992 | $258,900 |
Source: Ownwell
Property Tax Bills Across Madill, Marshall County, Oklahoma
In Madill, located in Marshall County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $97,851, homeowners can expect their property tax bill to vary significantly. The tax bill at the 25th percentile is $317, while at the 75th percentile, it rises to $1,073. At the 90th percentile, the tax bill can reach up to $2,008. These amounts are influenced by factors such as property value assessments, local tax rates, and applicable exemptions. The median property tax rate in Marshall County is notably lower than the national median of 0.99%. This lower rate can make homeownership more affordable compared to other regions. However, homeowners should still be mindful of the assessed values and any changes in local tax policies that could impact their annual tax bills. Understanding these factors can help homeowners better anticipate their financial responsibilities and plan accordingly.
Average Madill Tax Bill
$577
Average Marshall County Tax Bill
$670
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Madill, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | $182 | $317 | $577 | $1,073 | $2,008 |
Source: Ownwell